Modern Magic Hotel, the joint venture between an affiliate of Oxford Capital Group and LaSalle Hotel Properties, has acquired 12 floors in the 52-story IBM Building in Chicago, recently designated a historic landmark. The partners plan to develop the 375,000 square feet of space, acquired from Chicago-based REIT Prime Group Realty Trust for $46 million (€29 million), into a five-star super luxury hotel.
When completed, the hotel—located directly on the north bank of the Chicago River along the Chicago River Walk—is expected to comprise 335 units, with standard guestrooms at approximately 525 square feet with large, five-fixture bathrooms. Guestrooms will also feature 9.5 foot ceilings as well as floor to ceiling windows with views of the Chicago River, Lake Michigan and Chicago skyline. Approximately 20 percent of the rooms will be suites, ranging in size from 775 to 2,350 square feet.
The development, designed by The Gettys Group, will also feature 17,000 square feet of state-of-the-art facilities for meetings and events, including a 5,000-square-foot ballroom, 9,000-square-foot restaurant, wine room, fitness center, indoor pool and destination spa. The hotel will also have exclusive elevators and a separate entrance on the ground floor. The rest of the floors, owned by Prime, will remain office space.
The joint venture is seeking LEED certification for the hotel, expected to open in 2010.